Search Result for : Exim Bank

The Dollar Business Bureau India’s exports of goods are likely to grow at the rate of 5.96% during the January to March quarter of the current fiscal, according to the Export-Import Bank of India (Exim Bank). “India’s merchandise exports to witness a growth rate of 5.96% during the fourth quarter of 2017-18 (January-March 2018), over the corresponding quarter of the previous year,” the EXIM Bank said in a release on Thursday. The forecast is based on the Export Leading Index (ELI) model of the bank, it said. Exim Bank has created an in-house model to generate ELI for India in order to track and forecast the movement in the country’s exports on quarterly basis. The ELI measures the exports outlook and is basically developed ...

The Dollar Business Bureau The Export Import Bank of India (EXIM Bank), the premier export finance institution in the country, has raised $10 billion via issuance of 10-year dollar bonds on London Stock Exchange (LSE). The bonds were oversubscribed by almost two times. The EXIM Bank will use the proceeds from bonds for supporting Indian project exports, foreign investments through long-term credit and its portfolio of lines of credit. “The notes achieved the tightest ever spread over US Treasury for an Indian entity for a 10-year issuance,” said LSE in a statement. The 10-year bond has an annual yield of 3.897% and protected high investor support from all over the world, it said. EXIM Bank Managing Director David Rasquinha said that the Bank is a ...

The Dollar Business Bureau Bangladesh on Wednesday signed an agreement for the third line of credit (LoC) with India for around $4.5 billion for its social and infrastructure sector development. The pact was inked by David Rasquinha, Managing Director, Export-Import Bank of India (Exim) on behalf of India while Kazi Shofiqul Azam, Economic Relations Division Secretary signed for Bangladesh, in the presence of Arun Jaitley, Finance Minister of India and his Bangladeshi counterpart A M Abdul Muhith in Dhaka. The new LoC will be used by Bangladesh for funding 17 key projects in the country in several sectors including roads, ports, shipping railroads and electricity. Like earlier LoC pacts, the new loan is at an interest rate of ...

The Dollar Business Bureau The Minister for Shipping and Road Transport & Highways Nitin Gadkari, was on a two day visit to Tehran, representing the Indian Government at the inauguration and oath taking ceremony of Hassan Rouhani as the President of Iran for a second term, on 5th August, 2017.  In an interaction with Rouhani, Gadkari held wide ranging discussions on many issues including India’s cooperation in the development of Chabahar Port and proposed rail link between Chabahar & Zahedan. In the meetings, both sides positively assessed the progress in implementation of the decisions taken during the Indian Prime Minister’s visit to Iran last year, including the progress of Chabahar Port. Both sides reiterated their commitment to complete and operationalize the ...

The Dollar Business Bureau  China’s EXIM bank has signed a $1.5 bn worth of contract to finance the electrification of nearly 1000 km of high-speed track between Tehran and Iran’s second largest city Mashhad.  This deal is a part of China’s One Belt One Road (OBOR) initiative aimed at building the infrastructure needed to connect Beijing with Western Europe, Russia, Middle East and other regions in the initiative.  Though initially the deal was reported to be more than $2 billion, both the parties have not clarified why the funding has decreased.  The Teheran-Mashhad railway electrification project is a part of the wider set of projects that Iran needs to modernise its infrastructure.  In a briefing to the media, the Iranian Deputy Transport minister, Asghar ...

The Dollar Business Bureau The Cabinet has approved a proposed agreement for export credit of $9 billion between Export-Import Bank of India (EXIM Bank) and Export-Import Bank of Korea (KEXIM) for infrastructure development in the country and for supplying goods and services as a part of project in other nations. “The Cabinet, chaired by the Prime Minister Narendra Modi, has approved the proposed memorandum of understanding (MoU) between Export-Import Bank of India (EXIM Bank) and Export-Import Bank of Korea (KEXIM) for export credit of $9 billion for infrastructural development in India and for the supply of goods and services as part of projects in third countries,” said an official statement. The MoU is likely to be signed between the two sides when Finance ...

The Dollar Business Bureau India on Tuesday signed a pact with Sri Lanka for a $318 million line of credit for developing the railway sector of island nation, according to officials. RHS Samaratunga, Secretary in the Ministry of Finance and Mass Media of Sri Lanka, and David Rasquinha, Managing Director of Export Import Bank of India in Colombo signed the agreement. Prime Minister Narendra Modi, during his first visit to the island nation in 2015, had announced a $318 million line of credit for development of railway sector of the country. The visit was the first standalone bilateral visit since 1987 by an Indian prime minister and had come in the wake of rising presence of China in the Indian Ocean country. China has been ...

The Dollar Business Bureau The African-Export-Import bank (Afreximbank), currently rated Baa1 by Moody's has called out for proposals for a US-dollar-denominated bond issue. A US denominated bond that trades outside the US, is issued to attract investors at the same time also hedge currency risks. The call by the EXIM bank trails the previous week announcement of a $700 mn loan backed by 14 lenders, involving majorly financial institutions such as Emirates NBD, Abu Dhabi Commercial Bank and Barclays Bank. The bank in the previous year had also tapped the international bond market with a total of $900 mn bond in two tranches. The first was a $750 mn bond for a five year term in May, and the second was a ...